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California  + Los Angeles  + Apartments  | 

Value-Add Apartments Trade in West Hollywood

 Marcus & Millichap closed the sale of 8514 Sherwood Dr., a twelve-unit apartment property located in the Tri-West submarket of West Hollywood. The asset sold for $3.95 million, or $329,167 per unit. The cap rate is 4.85% and the gross rent multiplier is 14.38.

“The buyer agreed to complete the soft-story retrofit, and multiple rents were below $600 per month,” said Jason Tuvia, senior managing director in Marcus & Millichap’s Encino office. Tuvia marketed the property on behalf of the undisclosed seller.

Built in 1957, the value-add property is subject to West Hollywood’s rent control laws.

Read More News Stories About: Marcus & Millichap
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Marcus & Millichap's Tuvia

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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